Create Passive, Sustainable Business Income NO MATTER WHAT the Economy Does

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I have clients right now who are having their best years ever. I know, that sounds completely impossible given the news you’re getting everyday. So, I started a project to find out WHY these businesses and their owners are doing so well. I found some amazing results. Over the next few weeks I’ll be sharing those results here and through Online Workshops as part of the First Class Lounge. The workshops will feature specific action steps you can take to put yourself on this same path to passive, sustainable business income that continues to grow, no matter what happens in the market.

Today, I want to talk about the first of the Seven Generalized Principals of Business that seem to be consistent for the business owners I talked to that are experiencing out of the ballpark, homerun style business growth.

Principal #1: The Power of Service

Albert Einstein said, “It is high time that the ideal of success be replaced with the ideal of service.”

I started thinking about how many times I use the words success or successful. I’ve probably already mentioned a version of the words a dozen times in a day. That’s how ingrained “Success” is into our culture. You’re a success or a failure Then we work on how we define success. You could have a successful business, a successful marriage or be a success at public speaking. But what if success didn’t matter. What if service mattered more?

The question I’d like to have you consider is one that I learned from Sharon Lechter. You probably know her from the Rich Dad series. Her question for businesses she contemplating is always:

“Do I sell or do I serve?”

If you sell, and everything you do is geared toward selling, chances are you will get a customer and you’ll sell him something one or two times. But note – you don’t have a client and you don’t have a relatinship. You just have a sale. And as soon as someone comes along with a better or cheaper product they won’t even think twice. They’ll be gone. That’s what it means to sell. But if you serve by giving value first, you start a relationship. It takes the edge off of it. Offer a free report or free review. Offer something free and make sure it’s of value.

Solve someone’s problem. I’ll add a second rule here – solve someone’s problem in a way that doesn’t involve you directly. That way you can create leverage on the service you provide as well.

Build relationships. If you have a relationship with your client, they will know you care. And if you screw up, and chances are at some point something is not going to go as well as you think it should, well, when that happens, they’re much more likely to forgive you!

And, watch your language. But maybe not exactly how your mom used to tell you. In this case, watch the terms you use. Remember, a customer is someone you sell, while a client is someone you serve. It’s a valued long-term relationship.

Keep watching for the rest of the 7 secrets I learned from my conversations with successful business owners.

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